SHANGHAI, Apr. 13 (SMM) – LME tin prices opened at USD 22,400/mt and closed at USD 22,682/mt overnight, up USD 182/mt from the previous trading day, with the highest price at USD 22,850/mt and the lowest price at USD 22,400/mt. Daily trading volumes were 155 lots, down 27 lots. Positions were 18,928 lots, down 205 lots. LME tin inventories were 13,225 mt, up 75 mt.
During Asian trading hours, LME tin prices fluctuated narrowly around USD 22,600/mt. Later, boosted by the falling US dollar index and rally of equity markets, LME tin prices hiked above USD 22,800/mt to finally ended at USD 22,682/mt.
Euro zone industrial output rose 0.5 percent month-on-month in February according to report on April 12, beating market expectations and previous data. Meanwhile, the drop of Spanish and Italian bond yields eased worries on European debt issue to certain degree, and boosted markets sentiments. Besides, stronger Euro also drove up US equities, so as to promote base metals to rise overnight. If the upcoming release of China’s 1Q GDP data turned out to be positive, Shanghai base metal market will see further increases, otherwise, base metal prices are bound to present weak trends.
On Friday, domestic spot tin prices are expected to be between RMB 166,500-169,500/mt.